China Plans To Ban Cryptocurrency Mining

China Plans To Ban Cryptocurrency Mining.

According to a document released by the Chinese government, Regulators in China are considering a ban on cryptocurrency mining as "undesirable economic activity

China’s National Development and Reform Commission (NDRC) published a new paper that includes a proposal to ban the mining of cryptocurrencies like Bitcoin over concerns that crypto mining is a waste of valuable resources a fact that’s hard to disagree with when you examine the horrific environmental impact. The proposal is available for public comment until May 7.

The cryptocurrency mining is the process of validating transactions in digital forms of money like Bitcoin and other cryptocurrencies. During my cryptocurrencies, there are large amounts of electricity to consume with specialized computers.

China is the hub of the world's largest cryptocurrency mining farms and data centers. According to the report, 74 percent of global crypto mining is occurring in China. Crypto mining emits anywhere between 3 million and 15 million tons of carbon dioxide globally.

Bitcoin price increases by 20 percent from last week and breaking 5000 USD for the first time since November 2018.

Source: Gizmodo